hi,
since the discussion is whether 2 go for a MSHRM course or for a MBA course, I think my point of view will be very important as I am pursuing the MSHRM course from ICFAI School of HRD, Hyd'bad.
The MSHRM course is a 2-year fulltime course which specializes in the field of HR, alongwith HR we are also given subjects like Micro-Macro economics,Marking mgmt,Financila mgmt, also we hve in the next sem-operation mgmt, alongwith these subjects we have subjects from the various topics of HR like Org behavior, HRM, Compensation administration, PMS,IR,Training and development...and so on.
this link will give you some more info about the course
http://icfai.org <link updated to site home>
now the difference between MBA in HR and MSHRM is that in MBA the first year is common for all the specializations and it has a lot of varied subjects, whereas in MSHRM the core subject is HRM alongwith an insight into some other fields.
thanks and regards,
Sonit Singh